Broker Name: Maybank Research Pte Ltd
Date of Report: February 6, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- AIMS APAC REIT (AAREIT) reported a strong 9M26 performance with DPU rising 2.5% YoY, driven by resilient rental reversions, lower property expenses, and a one-off adjustment.
- Portfolio occupancy improved due to strong leasing demand from high-tech and logistics tenants, and the REIT’s cost of debt declined despite higher gearing from recent acquisitions.
- Management guides for mid- to high-single-digit rental reversion for FY26, with further interest savings expected from a newly secured perpetual bond from FY27 onward.
- FY26/27E DPU forecasts were raised, and the target price was lifted 15% to SGD1.65, maintaining a BUY recommendation on the back of robust operating metrics and improved NPI margins.
- Key risks include refinancing risk, rising vacancies in logistics and industrial assets, potential dilutive corporate actions, and strategic moves by major shareholders.
- The REIT’s diversified portfolio, strong sponsor support, and ongoing redevelopment initiatives are expected to drive continued value accretion.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website : https://www.maybank.com/investment-banking
